Slow Cooking

As the month crawls to a close today, Friday, and Monday, this market is just gone dry when it comes to the volatility. Our short Oil trade started off a bit against us, but also allowed us to sell up in the 107’s to add to the 106.2’s we started at yesteredays market close. As we mentioned we will be short up to 109.5 or so, so the leg in strategy and defined risk has given us a higher average of about 106.9 and we are solidly in the money. You can slide your stop accordingly or keep the trade up to original risk and that is the process of managing the trade.Gold fell off already from its highs and we never got back in short yet, we would still like to see higher prices there. SP’s just hanging around that 1340 to 1350 area again, and tightening their ranges. Taking it light again as the quarter/month end mark ups have many standing in circles shooting at each other. Take it slow and light. Our SAP short into the ORCL numbers worked beautifully, the ancillary plays are sometimes the best and this time the trade worked well. SAP off nearly 3 bucks today and our profits on the short have been taken or rolled into further put positions for the longer term.

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